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2018 In Review - Building Momentum

After a promising uptick in sales of City industrial and surplus land in 2017, the question for the Real Estate & Development services team was would that momentum continue in 2018?

"Would there be that next wave of companies looking to expand their business and purchase real estate?" Alex Wihak, senior sales agent with RE&DS remembers asking. "Generally speaking, the answer was yes."

Across all City industrial parks, 2018 saw over $21 million in sales. This newly proposed 464,000 square feet of development will have a significant impact on the overall industrial market. An improving business climate wasn’t the only reason RE&DS experienced an increase in real estate activity.

"I think the way we interact and communicate with our clients has changed," says Wihak. "We’re more business-friendly and collaborative. We’re more flexible in our terms and conditions, and our willingness to work together to achieve the same goal."

Point Trotter leads the way

In terms of highlights for the year, Point Trotter was at the top of the list. Selling 10 lots in one year, about 30% of its inventory, was a real achievement.

"A large part of Point Trotter was transacted in 2018", says Tamara Benson, coordinator, Real Estate Sales. "I think there was a lot of cooperative success."

A large part of that cooperation came from helping purchasers through the process. That might have been helping buyers move their development permit along, or allowing them a little more time before they had to close, to provide certainty.

The sell-out of Great Plains IV was another high point for the RE&DS team. First released in 2008, the last lot was sold during the year, and now the 288-acre industrial park is nearing full build-out.

In Dufferin North, all 226 of the remaining acres came under contract during the last half of 2018. The majority is proposed as speculative development, reflecting a more confident market.

Looking forward

Great Plains/Starfield
Great Plains/Starfield

Momentum looks to be carrying over to 2019. With Phase II of Point Trotter on the horizon, the continued planning of the Great Plains/Starfield project and numerous surplus parcels being prepared for release, the RE&DS sales team is ready to hit the ground running.

"Drive out to Point Trotter and you’ll see seven different sites under construction," Wihak says with a smile. "It’s a busy place with lots of activity happening — you should be there."